Commenting on the MPC’s decision not to change the Bank Rate from 3.75%, Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association (BSA) said:   

“While many borrowers were hoping the MPC would cut the Bank Rate today, the decision to hold it at 3.75% is not surprising given the impact the conflict in the Middle East is having on global energy prices. 
 
"Whilst there have been some changes in mortgage availability as the need arises for lenders to reprice, there remain many deals available to both first-time buyers and those looking to remortgage.  

“Building societies are continuing to support first-time buyers through a long-term, responsible approach to lending, innovative products to suit a range of needs, and aspiring homeowners should not assume they need to wait. A conversation with a lender or mortgage adviser could open up more options than expected.”  

Ends

Contact: pressoffice@bsa.org.uk  

Notes to Editors: 

The Building Societies Association (BSA) represents all 42 UK building societies, including both mutual-owned banks, as well as 7 of the largest credit unions. Building societies and mutual-owned banks have total assets of almost £677 billion and together with their subsidiaries, hold residential mortgages of £493.4 billion, 29% of the total outstanding in the UK. They also hold £495.6 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 47% of all cash ISA balances.   

With all of their headquarters outside London, building societies employ around 52,300 full and part-time staff.  In addition to digital services, they operate through approximately 1,300 branches, holding a 35% share of branches across the UK.